LUCA Drills 28.6 Metres of 5.35 G/T AuEq at the El Rey Deposit at Campo Morado
Luca Mining Corp.
Suite 410, 1111 Melville Street
Vancouver, BC, V6E 3V6, Canada
NEWS RELEASE
LUCA DRILLS 28.6 METRES OF 5.35 G/T AUEQ AT THE EL REY DEPOSIT AT CAMPO MORADO
Vancouver, B.C., January 30, 2026: Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX:
LUCMF; Frankfurt: Z68) reports new drill results from its ongoing Phase 2 exploration program at the
Campo Morado polymetallic VMS mine in Guerrero State, Mexico, including the first drilling at the El Rey
deposit in over 14 years.
Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located
approximately 200 metres from the Reforma deposit and close to existing underground infrastructure,
supporting its potential inclusion in the longer-term Campo Morado mine plan.
Highlights
• First drilling at the El Rey VMS deposit in over 14 years confirms thick, high-grade gold- and silver-
rich mineralization
• 28.6 m of 5.35 g/t AuEq**, including 2.8 m of 12.55 g/t AuEq (CMRY-25-02)
• 21.0 m of 6.13 g/t AuEq, including 2.2 m of 25.38 g/t AuEq (CMRY-25-06)
• El Rey is an unmined VMS deposit ~200 m from the Reforma deposit , close to existing
underground infrastructure
• Mineralization extends beyond historical models, particularly to depth and along the western
margin
• Results support mine life extension and improved production flexibility at Campo Morado
Figures 1 through 7 present cross -sections and assay results from the initial El Rey drillholes. Figure 8
presents the 2026 exploration drill program targets.
El Rey Deposit – Surface Drilling Results
Surface drillholes CMRY -25-01 through CMRY -25-07 were collared within and around the El Rey and
Reforma deposits and intersected notable intervals of massive sulphide mineralization (See Table 1) ,
including:
CMRY-25-01:
24.9 m of 5.44 g/t AuEq (2.00 g/t Au, 78.66 g/t Ag, 0.61% Cu, 0.55% Pb, 2.40% Zn) from 183.1 m,
including 4.0 m of 13.86 g/t AuEq (6.63 g/t Au, 199.40 g/t Ag, 0.94% Cu, 1.52% Pb and 4.77% Zn) from
203 m.
2
CMRY-25-02:
28.6 m of 5.35 g/t AuEq (1.34 g/t Au, 114.93 g/t Ag, 0.47% Cu, 0.83% Pb, 2.68% Zn) from 229.7 m,
including 2.8 m of 12.55 g/t AuEq (5.20 g/t Au, 218.96 g/t Ag, 0.85% Cu, 1.67% Pb and 4.60% Zn) from
255.5 m
CMRY-25-03:
11.7 m of 5.46 g/t AuEq (2.00 g/t Au, 111.31 g/t Ag, 0.35% Cu, 0.84% Pb and 2.02% Zn) from 209.9 m,
including 5.6 m of 8.80 g/t AuEq (3.40 g/t Au, 192.01 g/t Ag, 0.53% Cu, 1.13 % Pb and 2.71% Zn) from
209.9 m.
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CMRY-25-04:
17.7 m of 5.70 g/t AuEq (1.75 g/t Au, 141.57 g/t Ag, 0.30% Cu, 0.95% Pb and 2.18% Zn) from 220.8 m.
CMRY-25-05:
3.7 m of 3.98 g/t AuEq (1.40 g/t Au, 54.57 g/t Ag, 0.40% Cu, 0.85% Pb and 2.62% Zn) from 157.8 m.
CMRY-25-06:
21.0 m of 6.13 g/t AuEq (1.82 g/t Au, 131.25 g/t Ag, 0.40% Cu, 0.88% Pb and 6.13% Zn) from 193.2 m,
including 2.2 m of 25.38 g/t AuEq (12.27 g/t Au, 556.42 g/t Ag, 0.46 % Cu, 3.52% Pb and 5.95% Zn) from
211.9 m.
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Drilling targeted the central and eastern portions of the El Rey deposit to confirm grade continuity,
improve geological definition, and test expansion potential beyond historical interpretations. Drillhole
CMRY-25-05 extended mineralization by more than 30 metres beyond the previously modeled deposit
boundary, highlighting the potential to increase mineral resources through continued drilling.
Exploration Program Update
Two surface drill rigs are currently operating at Campo Morado in parallel with ongoing underground
diamond drilling. Together, these programs are targeting previously undrilled, high -priority VMS targets
across the Camp, as well as continued drilling at the Reforma and El Rey deposits.
To date, approximately 8,200 m of surface drilling and 8,700 m of underground drilling have been
completed. Underground drilling continues to target the Largo, Largo Norte, Naranjo and Fish deposits,
all of which form part of the 2026–2028 mine plans.
Exploration activities are focused on near- mine and resource expansion targets, with the objective of
extending mine life and improving production flexibility.
Paul D. Gray, Luca’s VP of Exploration, commented:
“The first drilling at El Rey in over 14 years has confirmed the presence of thick, gold- and silver-rich VMS
mineralization and has meaningfully extended the deposit beyond previous interpretations, particularly
along its western margin and at depth. El Rey s hares key geological characteristics with the nearby
Reforma deposit and represents an additional unmined source of mineralization with clear potential to
support mine life extension and improve production flexibility at Campo Morado. Current interpretations
suggest El Rey is a faulted-off portion of the Reforma deposit, opening up exploration potential both
laterally and at depth for discovery of additional VMS mineralization. Drilling has also commenced at the
Zapata target, where previously undrilled coincident gravity and geochemical anomalies have been
identified. Zapata is one of 38 prospective targets defined within the Campo Morado concessions, and Luca
looks forward to advancing these targets in the first half of 2026, with strong confidence in t he potential
for new VMS-style mineralized zones.”
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Table 1: Highlighted Diamond Drill Assay Results from El Rey Surface Drillholes CMR Y-25-01 through
CMRF-25-07.
Hole ID From To Interval* Au g/t Ag g/t Cu % Pb % Zn % AuEq**
g/t
Logged
Recovery (%)
CMRY-25-01 183.1 208.0 24.9 2.00 78.66 0.61 0.55 2.40 5.44 99
Including
183.1 187.1 4.0 0.27 27.42 0.81 0.16 0.43 2.23 100
And
including
187.1 189.4 2.3 0.51 36.93 0.46 0.19 2.94 3.23 98
And
including
189.4 208.0 18.6 2.55 94.84 0.58 0.68 2.75 6.41 100
Including
191.4 193.3 1.9 2.09 49.93 0.45 0.27 1.42 4.31 100
And
including
203.0 207.0 4.0 6.63 199.40 0.94 1.52 4.77 13.86 100
CMRY-25-02 229.7 258.3 28.6 1.34 114.93 0.47 0.83 2.68 5.35 99
Including
239.5 244.3 4.8 1.21 61.11 0.44 0.45 1.84 3.84 99
And
including
244.3 255.5 11.2 1.31 183.99 0.32 1.39 4.55 7.18 99
And
including
255.5 258.3 2.8 5.20 218.96 0.85 1.67 4.60 12.55 100
CMRY-25-03 183.0 191.1 8.1 0.05 22.80 1.19 0.01 0.09 2.33 100
209.9 221.5 11.7 2.00 111.31 0.35 0.84 2.02 5.46 100
Including
209.9 215.4 5.6 3.40 192.01 0.53 1.13 2.71 8.80 100
CMRY-25-04 209.8 238.5 28.7 1.34 104.82 0.32 0.76 2.30 4.76 100
Including
220.8 238.5 17.7 1.75 141.57 0.30 0.95 2.18 5.70 100
CMRY-25-05 157.8 161.5 3.7 1.04 54.57 0.40 0.85 2.62 3.98 98
CMRY-25-06 184.7 214.1 29.5 1.36 103.38 0.43 0.64 2.23 4.87 100
Including
193.2 214.1 21.0 1.82 131.25 0.40 0.88 3.01 6.13 100
Including
201.0 211.9 11.0 0.64 106.74 0.28 0.91 4.10 4.89 100
And
including
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211.9 214.1 2.2 12.27 556.42 0.46 3.52 5.95 25.38 100
CMRY-25-07 No Significant Values
*True widths are estimated to be >90% of drilled intervals.
** The AuEq (gold equivalent) calculation is: AuEq* = Au +(Ag*0.0154) + (Cu%*1.5809) + (Pb%*0.2989) + (Zn%*0.4650), at $2,250 US/oz Au, $28
US/oz Ag, $4.20 US/lb Cu, $0.90 US/lb Pb and $1.20 US/lb Zn. The AuEq calculation includes gold, silver, copper, lead a nd zinc, net of assumed
metallurgical recoveries using deposit-average recovery value in a bulk floatation scenario provided by Ausenco PTY Ltd.: 55% for gold, 68% for
silver, 68% for copper, 60% for lead and 70% zinc.
Table 2: Surface Drill Collar Details
Hole ID UTM WGS 84 Z14 Elevation Azimuth Dip
Final
Depth
Easting Northing (m) (°) (°) (m)
CMRY-25-01 379705 2013009 1,510 104 -83 235.1
CMRY-25-02 379724 2012948 1,551 325 -78 280.1
CMRY-25-03 379724 2012949 1,551 144 -73 231.9
CMRY-25-04 379722 2012948 1,551 066 -75 252.8
CMRY-25-05 379666 2012864 1,500 283 -69 200.2
CMRY-25-06 379663 2012864 1,500 037 -62 240.0
CMRY-25-07 379665 2012864 1,500 282 -56 200.0
Figure 8: Exploration Targets and Proposed Drill Plan at the Campo Morado Project.
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Analytical Method and Quality Assurance/Quality Control Measures
All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico,
utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire
Assay with AAS finish for gold on all samples. Au over-limits from FA -430 are re-analyzed by FA530 30 -
gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed
by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300
analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split
by core saw on-site at Luca’s core processing facilities at the Campo Morado Mine. Once split, half were
placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a
three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Campo Morado
Mine site and transported to their laboratory in Durango, where they were prepared into 250-gram pulps
for gold fire assay . The pulps were then shipped to Bureau Veritas’s Analytical laboratory in Vancouver,
B.C., for final ICP analysis. A robust system of standards, 1/4 core duplicates and blanks was implemented
in the 2025 exploration drilling program and is monitored as chemical assay data become available.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Mr. Paul D.
Gray, P.Geo., Vice-President Exploration at Luca Mining. Mr. Gray is a Qualified Person for the Company
as defined by National Instrument 43-101.
About Luca Mining Corp.
Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two
wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce
gold, copper, zinc, silver, and lead and generate strong cash flow. Both mines have considerable
development and resource upside as well as world-class exploration potential.
The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land
package comprising 121 square kilometres. It is an underground operation, producing zinc, copper, gold,
silver and lead. The mine is located in Guerrero State.
The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State. The project
hosts epithermal gold and silver vein -style mineralization. Tahuehueto is a newly constructed
underground mining operation producing primarily gold and silver. Luca has successfully commissioned
its mill and is now in commercial production at Tahuehueto.
On Behalf of the Board of Directors
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
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Contact Information:
Sophia Shane
Director of Investor Relations
+1 604 306 6867
For more information, please visit: www.lucamining.com
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current exploration, development, environmental and other objectives concerning the Tahuehueto Mine
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